Macomb Township girl chosen the face of college savings program

Like a lot of 12-year-old girls, Madison Farrell likes to be photographed.

That trait will pay off to the tune of $1,529 toward college and some statewide publicity after Madison was selected grand prize winner of Metro Parent magazine’s CoverKids contest.

“She’s very excited about it,” said Jennifer Farrell, proud mother of Madison, a seventh-grader at Iroquois Middle School Macomb Township. “We call her our cover girl.”

The rest of the Farrell Familyincludes dad, Tim, and Madison’s 16-year-old brother, Jonathan,

While perusing an issue of Metro Parent, Mrs. Farrell noticed an announcement for a contest sponsored jointly by the publication and the Michigan Education Savings Program. MESP is a state-sponsored effort to encourage parents to save for their children’s college education.

Mrs. Farrell and Madison chose a recent photograph that the family had sent to Madison’s grandparents as a birthday greeting.

A panel of southeastern Michigan photographers judged Madison’s photograph the winner from more than 300 entries.

“She wants to go to college,” Mrs. Farrell said. “We entered the contest just because it we thought it was fun, but we are definitely excited to that award. This will help a lot.”

Madison will become the face of MESP in an advertising campaign to draw attention to the college savings program. She’ll appear in television and print advertisements as well as on the cover of the June issue of Metro Parent.

TIAA-CREF Tuition Financing Inc. manages the MESP on behalf of the state of Michigan.

“While Madison and her family are the direct beneficiaries, we’re hopeful that the contest will also have a positive impact by spurring other Michigan families to begin saving for college,” said Jennifer Howey, senior marketing manager for TIAA-CREF Tuition Financing Inc.

The amount of Madison’s award -- $1,529 – is not a coincidence. MESP is called a “529 plan” and derives its name from Section 529 of the Internal Revenue Code. Moreover, the contest was designed to coincide with May 29 – 5/29 – to increase awareness about saving for college.

MESP is one of three Michigan Section 529 plans that offer state taxpayers deductions and potential tax-free growth if proceeds are used to pay qualified expenses.

MESP can be used at any eligible college, university or trade school in the nation for expenses such as tuition, mandatory equipment, some room and board costs and books.

Since its inception in 2000, MESP has helped more than 105,000 families invest more than $3 billion toward college.